Solar Trackers Market Size [2021-2031] worth USD 37,196.86 MW | exhibiting a CAGR of 16.4% Business Scenario, Types, Recent Trends
Solar Trackers
Market: Introduction
According to a recently published study by
Transparency Market Research (TMR), the global solar trackers market is expected to reach an
installed capacity of 37,196.86 MW by 2031. TMR, a U.S.-based market research
firm, states in its report that the global solar trackers market, which had an
annual installed capacity of 6998.8 MW in 2020, is anticipated to reach an annual
installed capacity of 37,196.86 MW by 2031, at a CAGR of 16.4% during
the forecast period.
According to the report, the market for solar
trackers is stimulated by the increase in demand for photovoltaic (PV), rise in
feed-in tariff (FIT), and incentive schemes by governments. In addition, growth
in prices of electricity is augmenting the photovoltaic market, which is
further fuelling the solar trackers market. Furthermore, solar cells’
efficiency is boosted by tracking systems, thus impacting the market
positively. On the other hand, the capital-intensive technology is expected to
restrain the growth of the market over the next few years.
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Solar Trackers
Market: Key Players
The market for solar trackers is fragmented in
nature, but still some companies have maintained their foothold since the past
few years. Major companies operating in the market are Frontier Technology
Group Ltd., Amonix, Energia Ercam, Mechatron, Ideematech Deutschland GmbH,
SmartTrak Solar Systems Pvt. Ltd, and Haosolar Co. Ltd. Among these, in 2020,
Haosolar Co. Ltd. emerged as the largest producer of solar trackers and
represented 23% on the basis of the annual installed capacity. It was trailed
by companies such Abengoa and SunPower, as per this study.
Solar Trackers
Market: Prominent Regions
The solar trackers market has been split into Europe,
Latin America, North America, Middle East & Africa, and Asia Pacific. In
2020, Europe led the market and constituted over 60% share of the market on the
basis of annual installed capacity. North America trailed Europe on the basis
of annual installed capacity and represented 26% of the market in the same
year. In Europe, Germany, Italy, Greece, and Spain are the prime markets for
solar trackers. Spain, within the European region, and China, within Asia
Pacific, are predicted to exhibit the swiftest growth as compared to all other
countries owing to government support provided for energy generation via
renewable sources.
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Global Solar
Trackers Market: Segmentation
Solar Trackers
Market by Technology
·
Solar PV
·
Concentrated Photovoltaic (CPV)
·
Concentrated Solar Power (CSP)
Solar Trackers
Market by Product
·
Single Axis
·
Dual Axis
·
Fixed Solar Systems
Solar Trackers
Market by Application
·
Utility
·
Non-utility
Expansion of Solar
Trackers Market
Based on technology, the solar trackers market has
been segmented into solar photovoltaic PV, Concentrated Solar Power (CSP), and
Concentrated Photovoltaic (CPV). CPV is one of the prime segments of the market
for solar trackers owing to a number of advantages associated with Concentrated
Photovoltaics. In terms of product, the market has been divided into dual axis,
single axis, and fixed solar systems.
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Among these, single axis trackers are majorly
utilized in solar PV systems, owing to their cost-friendly nature as well as
high electricity output in comparison to dual axis trackers. Single axis
trackers comprise a single axis for rotation. They can be vertical, polar or
tilted, and horizontally aligned. On the other hand, dual axis trackers
comprise two axes for rotation and vertically trap maximum of the solar
radiations. In terms of application, the solar tracker market has been
segregated into non-utility and utility.
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